Management at City firms that pay their NQs circa £70k
Ashurst is the latest firm to announce a pay rise for its newly qualified solicitors, guaranteeing them a six figure salary.
Ashurst's NQs are currently on a base salary of £90,000, with the possibility that a discretionary bonus would take them over six figures. The firm's new NQ salary of £105,000, plus the discretionary bonus, will take effect in May 2022.
"We continuously monitor market conditions, remuneration trends and movements and make targeted adjustments where necessary," a spokeswoman for Ashurst told RollOnFriday.
NQs at those three firms will be placed just a couple of grand below their counterparts at Magic Circle firms Clifford Chance, Allen & Overy, Linklaters and Slaughter and May who are on £107,5000, and a tad above NQs at Freshfields, Macfarlanes, Hogan Lovells and Simmons & Simmons, who are on £100k.
As the pay battle for juniors heats up, in a different stratosphere, the £140k+ club is a US-only affair, whose members include Shearman & Sterling, Debevoise & Plimpton, Latham & Watkins, Milbank, Akin Gump, Simpson Thacher, and Kirkland & Ellis.
Vinson & Elkins boasts the biggest cash-spraying cannon, as the Houston-headquartered firm pays its London NQs an eye-watering base salary of £153,000.